BUDGET 2015 - Youth Housing Scheme mulled to increase home ownership

The Government is taking action to increase home ownership with the Youth Housing Scheme which is a smart partnership between the Government, Bank Simpanan Rakyat, EPF and Cagamas.

The scheme offers a funding limit for a first home not exceeding RM500,000 for married youth aged between 25 and 40 years with household income not exceeding RM10,000.

Various goodies for First-Time Home Buyers: First time home owners are getting plenty of goodies in this Budget as the Government is providing RM200 monthly financial assistance to help with monthly installments for 1st 2 years, 50% stamp duty exemption on transfer documents and loan agreements, as well as a 10% loan guarantee so that they could obtain 100% financing. They can even withdraw from their EPF account 2 to top up their monthly installment and we shall certainly communicate this to our potential buyers as so many of them fall in this category.

50% stamp duty exemption for properties up to RM500,000 until 31 December 2016: We appreciate that the Government has extended the 50% stamp duty on the instruments of transfer and loan agreements, at the same time increasing the purchase limit to RM500,000. This will help reduce the transaction cost of home ownership.